CU Volunteer Junket in Montego Bay

The Credit Union National Association (CUNA) is hosting its Volunteer Conference in Montego Bay, Jamaica.

The conference is scheduled for January 13 thru 16 at the Hilton Rose Hall Resort and Spa.

The price to the conference for CUNA member is $1795, while the non-member price is $3,590.

Room rates per day at the Hotel are $359 for a single and $430 for a double.

Along with educational sessions, the conference will include an optional catamaran cruise. In addition, the hotel has a championship golf course, water sports, and other amenities.

CUNA stated that credit union board members, supervisory committee members, and CEOs would benefit from this Caribbean junket.

International Training Trips May Signal a Corporate Governance Problem

If your credit union board members are rewarding themselves through international or luxury training trips or other perks that are not available to other members of the credit union, your credit union may have a corporate governance problem.

At least that is the opinion of Sarah Moore, the Administrator of the Alabama Credit Union Administration.

During the November 9, 2018 presentation to the League of Southeastern Credit Unions, Ms. Moore discussed a corporate governance health checklist for credit union boards and supervisory committees.

She posed the following question:

Are Board members rewarding themselves through international or luxury training trips or other perks not available to other members of the credit union?

If your credit union answered yes to this question, this could indicate an unhealthy corporate governance at your credit union.

There is a whole industry catering to the education of credit union leaders and their elected boards.

However, some of these training programs are on luxury cruises or at exotic locations.

For example, the Credit Union National Association's Volunteer Conference will meet in January 2019 at Montego Bay, Jamaica. Educruises is promoting a Seine River Cruise in June of next year or a voyage of the Norwegian fjords in July 2019.

These look like junkets rewarding credit union officials and volunteers.

Caribbean Junket for CU Volunteers and Board Members

The Credit Union National Association is holding its volunteer conference in Punta Cuna, Dominican Republic.

The conference started on January 28, 2018 and will be held at Hotel Melia Caribe Tropical.

Hotel room rate for a single occupancy is $200 per night or $360 per person per night for a double occupancy room.

The hotel advertises pristine beaches, a championship golf course, and casino.

The opening day of the conference has a half day snorkeling cruise for attendees and their guests.

[Update, an earlier version of this post had the room rates reversed for single versus double occupancy.]

Jammin' in Jamaica

Credit union volunteers are Jammin' in Jamaica.

Credit Union National Association's Volunteer Conference is being held in Montego Bay, Jamaica at the Hilton Rose Hall Resort and Spa.

The all-inclusive resort is located between scenic mountains and turquoise Caribbean waters of Jamaica.

Hotel room rates per night are $319 for a single room or $375 for a double room.

The conference is scheduled to run from January 15 thru January 18. There is a pre-conference workshop on January 14.

Taxpayers are subsidizing this Caribbean junket for credit union officials.

Caribbean Junket for CU Volunteers

If you are a credit union board member, there is nothing like a Caribbean junket in January.

The Credit Union National Association is holding its Volunteer Institute at Melia Carib Tropical at Punta Cana in the Dominican Republic. The dates of the Institute is January 17 thru January 20.

The Melia Carib Tropical is an all inclusive golf and beach resort.

This is nice perk for "volunteer" credit union directors.

Next year credit union directors will be "jammin" in Montego Bay, Jamaica.

Check out the description of the resort here.

Vikings to Czars Junket

Here is another example of a credit union conference boondoggle.

EduCruises Credit Union Conference has a Scandinavia/Russian Voyage, which runs from August 1 through August 13.

Conference participants and their guests will travel the Baltic on Celebrity Constellation®.

Looking at the program, it seems that there will be four classroom days of the 13 day trip. The bulk of the trip involves sightseeing.

The cost for conference attendees ranges from $4,842.24 to $7,526.24. The companion rate ranges from $3,042.24 to $5,726.24.

However, if cruising the Baltic is not your cup of tea, you can plan to cruise the French Wine Country next year.

But should credit union members be paying for credit union officials to take a Baltic or French Wine Country junket?

For more info click here.

Local Government FCU to Partially Fund 10-Day Legislative Fact Finding Trip to India

Local Government FCU (Raleigh, NC) is partially paying the expenses for 10 North Carolina lawmakers to participate in an junket international study trip to India planned for February 7-17, 2014.

According to a State Ethics Commission Advisory Opinion Letter, the funds were donated to The Center for International Understanding at University of North Carolina, which is organizing the trip.

The contributions from Local Government FCU and two other organizations "will cover the cost of the plane flight to India for 10 legislators and meals, lodging, and ground transportation while those participants are in India."

No information was disclosed on the amount donated by Local Government FCU.

This is not the first international fact finding trip funded by a donation from Local Government FCU. In 2013, the credit union helped to pay a portion of the expenses for a trip to China.

However, I wonder how this donation is necessary to enable Local Government FCU to effectively carry on its business or is in the best interest of the credit union's members.

If NCUA had not eliminated its Charitable Contribution Rule in 2012, would this donation have been permissible?

Read the advisory opinion letter.

Jamaican Junket

CUNA's Volunteer Institute will meet next January in Montego Bay, Jamaica.

The conference will span 4 days and will be held at Hilton Rose Hall Resort & Spa. CUNA is advertising an all inclusive room rate of $289 per night for a single room or $341 per night for a double room.

While most credit union directors are not paid, they are handsomely rewarded with all expenses paid perks, such as conferences on a tropical island.

CU Volunteer Junkets

While credit unions talk about how their board members are volunteers, many of these volunteers are handsomely rewarded with perks, such as trips to conferences in exotic locations.

For example, CUNA is offering its Volunteer Institute in Punta Cana, Dominican Republic at the Paradisus Palma Real Golf and Spa Resort. The Institute will run from May 19 through 22, 2013.

If a credit union volunteer cannot attend CUNA's Volunteer Institute, there are plenty of other junkets available.

Volunteers can get their credit unions to pay for an all inclusive junket on The Panama Canal Credit Union Educational Cruise Conference (February 15 - 25, 2013). The educational cruise will stop in the Bahamas, Aruba, Curacao, Panama, and Costa Rica. The cost of the cruise begins at a price of more than $3,000 and does not include airfare.

Another possibility for credit union volunteers is to explore the Galapagos Islands with CU EduCruises. This educational excursion will take place during June of next year at a tidy price of over $7,000 per one volunteer per cabin. If the volunteer brings a guest, the price per cabin jumps to over $12,000.

CU EduCruises also offers a cruise to the Canary Islands.

Exotic Upper Amazon Exploration

I was tipped off to a credit union cruise junket scheduled for next year that involves exploring the Upper Amazon River.

The "Credit Union Thrival and Survival Expedition" is scheduled for July 21 through July 30, 2012.

In promoting the conference, Credit Union Edu Cruises advertises:

"Experience the most unique Credit Union Cruise/Conference ever offered! This is nothing like any credit union educational event that you have ever attended."

It appears that the educational sessions will be about 12 hours.

The registration fee for the conference is $1,750 per attendee. Suites range from $5,901 per person to $6953 per person (based on double occupancy).

This does not include airfare and other expenses to this tropical destination.

I don't believe Congress intended for the the credit union tax subsidy to be used for exotic cruises down the Amazon River.

To read more about this boondoggle cruise down the Amazon, click here.

Mediterranean CU Cruise

Thanks to a column by Stuart Perlitsh, CEO of Glendale Area Schools FCU, I was informed about a credit union education junket.

CU Conferences is hosting a 10-day Mediterranean Odyssey Credit Union Educational Cruise Conference aboard the Holland America ship ms Noordam from August 2, 2010 to August 12, 2010.

The educational cruise includes stops in Barcelona, Monte Carlo, Malta, Tunis, Florence, Naples, and Rome.

The cost per participant ranges from $2995 for an Inside Stateroom to $4695 for Deluxe Verandah Oceanview. Spouse or guest rate runs from $995 to $1495. These rates do not include taxes and fees of $377.40 per person.

Some within the credit union industry are questioning the wisdom of having such a cruise. Stuart Perlitsh wrote:

"Did Congress envision the savings credit unions realize from our federal tax-exempt status would be spent cavorting around the midnight buffet on Mediterranean cruises? Facing certain unknown NCUA assessments, is now the time to cruise the Mediterranean? The future of the credit union industry faces real threats; is now the time to cruise the Mediterranean?"